In a recent post on X (Twitter), Cyvers, a security company, shared that its Artificial Intelligence (AI) security system detected multiple suspicious transactions on Ethereum chain from the famous betting platform Stake. Cvyers is a relatively new player in crypto security; however, Peckshield, a prominent security firm, also confirmed Cvyer’s suspicions.
With the growing popularity of online gambling and casinos in the crypto industry, Stake.com, the premier sports betting website, is a prominent name. Stake.com made headlines when it signed hip-hop sensation Drake in a $100 million-a-year deal. The gambling platform is also the official sponsor for the Premier League’s football club Everton and the F1 Racing team of Alpha Romeo.
How Much Did Stake.com Lose In The Exploit?
According to the post by Cvyers, Stake.com, was hit with an exploit of around $15 million, which included Ethereum, USDC, and USDT. Cyber’s report also stated that all the exploited stablecoins were first converted into Ethereum and then transferred to several externally owned accounts (EOA.)
However, if we look closer at the number of transactions during the exploit on the Arkham platform, Cyvers’s AI could not detect the large sum of Polygon and BNB chain assets siphoned in the exploit. Most of the wallets involved in the exploit have already been marked as Stake explorers by Cyvers and other on-chain detectives.
According to the calculations of an on-chain detective popularly known as Zachxbt on X (Twitter), the exploiters drained over $25 million on BSC and Polygon. If we combine all the security reports, Stake.com has lost over $40 million on various chains in the exploit.
Also Read: U.S. Government Believed To Control Fifth Largest Bitcoin Wallet Linked To Bitfinex Hack
Growing Concerns
The hacker activity has picked up pace in the second half of 2023. Previous studies by several security firms showed that the amount lost in hacks during the first half of 2023 significantly reduced compared to 2022.
As the major hacks of 2022 occurred in the year’s final quarter, the industry concern regarding hacker activity grows as we enter the last quarter of 2023.
Stake.com is yet to release an official statement regarding the exploit and how the gambling platform plans to recover the funds.
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